CarDekho Group posts Rs 340 crore consolidated loss in FY24
CarDekho Group, an auto-tech and fintech solution provider, posted a Rs 340 crore consolidated loss in FY 24. In FY23, it was Rs 562 crore
image for illustrative purpose
New Delhi, Nov 29: CarDekho Group, an auto-tech and fintech solution provider, posted a Rs 340 crore consolidated loss in FY 24. In FY23, it was Rs 562 crore.
On a standalone basis, the company recorded a profit of Rs 37 crore in FY24 as against a loss of Rs 143 crore in FY23.
The company's income increased by 54 per cent on YoY (year on year) to Rs 2,074 crore in FY 24 which was Rs 1,347 crore in FY 23.
According to the company, the reason for the increase in income is the excellent performance of the insurance unit InsuranceDekho and the fintech platform Rupyy.
InsuranceDekho has received a premium of Rs 3,300 crore in FY24. InsuranceDekho focuses on tier 2 and rural cities. The company has a large network of 1.5 lakh agents, which are present in more than 1,500 cities.
Rupyy, which is the used car financing platform of CarDekho Group. It has a 15 per cent share in the used car finance market. The company's annual run rate is more than $ 2 billion. The company has more than 36 banking partners.
During the year, the Group secured approximately $80 million (Rs 675 crore approx) in growth capital, led by marquee investors.
The Group acquired Revv in 2023, a shared mobility platform. At its peak, Revv managed a fleet of over 1,000 cars, serving more than 5 million delighted customers. In FY25, the Group also made a strategic investment in fleet management services startup Carrum to help drive its sustainable mobility portfolio. Capitalizing on futuristic market opportunities, CarDekho intensified its emphasis on deep-tech advancements by investing in Girnar AI Innovations Lab and BiUP Technologies, driving innovation in AI-powered mobility solutions.
Cardekho Group was founded in 2008. It operates companies in Insurtech (InsuranceDekho), Fintech (rupyy), and Shared mobility space (Revv), and also operates India’s leading automobile content portals such as CarDekho.com, BikeDekho, ZigWheels, Powerdrift, etc.
The Group is backed by marquee investors like Peak XV(Sequoia), Hillhouse Capital, CapitalG, Ratan Tata Trust, Leapfrog (ESG-focused investment fund), HDFC Bank, ICICI Bank, and Axis Bank, amongst others.
